In reading the FT today, I was torn between optimism with respect to some particularly wonderful [for me, not necessarily for anyone else, including clients] projects, and pessimism with the thought that, hmmm, maybe this juicy scheme will not really attract the capital predicted....

This is trader thinking, and I don't like it.

Except I do.

It's a terrible dilemma. I hate short-termist thinking, but real incentives and all that.

That and the idea of having to pony up more equity for a story I am not sure I really believe in.... reminds me of the phrase "moral hazard."